深度-欧洲议会-欧洲央行负利率政策的效果如何？（英文）-2021.6-31页_1mb.docxVIP

IN-DEPTH ANALYSIS Requested by the ECON committee Monetary Dialogue Papers, June 2021 What Are the Effects of the ECB’s Negative Interest Rate Policy? Policy Department for Economic, Scientific and Quality of Life Policies Directorate-General for Internal Policies Author: Grégory CLAEYS EN PE 662.922 - June 2021 What Are the Effects of the ECB’s Negative Interest Rate Policy? Monetary Dialogue Papers June 2021 Abstract Abstract Several central banks, including the European Central Bank since 2014, have added negative policy rates to their toolboxes after exhausting conventional easing measures. It is essential to understand the effects on the economy of prolonged negative rates. This paper explores the potential effects (and side effects) of negative rates in theory and examines the evidence to determine what these effects have been in practice in the euro area. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021. This document was requested by the European Parliaments committee on Economic and Monetary Affairs (ECON). AUTHOR Grégory CLAEYS 1, Bruegel ADMINISTRATOR RESPONSIBLE Drazen RAKIC EDITORIAL ASSISTANT Janetta CUJKOVA LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR Policy departments provide in-house and external expertise to support European Parliament committees and other parliamentary bodies in shaping legislation and exercising democratic scrutiny over EU internal policies. To contact the Policy Department or to subscribe for email alert updates, please write to: Policy Department for Economic, Scientific and Quality of Life Policies European Parliament L-2929 - Luxembourg Email: Poldep-Economy-Science@ep.europa.eu Manuscript completed: June 2021 Date of publication: June 2021 ? European Union, 2021 This document was prepared as part of a series on “Low for Lo